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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration

Reps to probe appointment of foreign firms to manage NSWF

Posted on 18 November 2013

The House of Representatives has mandated its committees on Commerce and Justice to investigate the appointment of foreign institutions to manage the Nigerian Sovereign Wealth Fund (NSWF) to ascertain the risks involved.
Adopting the resolution of a motion moved by House Minority Leader, Hon Femi Gbajabiamila (ACN, Lagos) yesterday, the House noted that the federal government appointed three foreign financial institutions, namely UBS, Goldman Sachs and Credit Swiss, to manage the NSWF and expressed concern that the move “amounts to entrusting Nigeria’s savings, wealth, economic sovereignty and security in the hands of foreigners”………………………………………..Full Article: Source


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